Abbott Beats Forecast on Strong Humira Sales

by Christopher Freeburn | July 18, 2012 4:12 pm

Abbott Beats Forecast on Strong Humira Sales

Abbott Laboratories (NYSE:ABT[1]) reported that its net income fell to $1.73 billion during the second quarter[2], down 11% from $1.94 billion during the same period last year.

Adjusted EPS for the quarter was $1.23, narrowly topping the forecast of Wall Street analysts who expected $1.22, Bloomberg noted.

Shares of Abbott Laboratories slipped fractionally in Wednesday afternoon trading.

Revenue at the drug maker increased 2% to $9.8 billion.

The company noted the negative effect of the strong U.S. dollar on its overseas sales, saying that its international sales would have been 6.7% higher without the currency exchange impact.

During the quarter, the company recorded $2.3 billion in sales of its popular arthritis medication Humira.

Abbott is in the process of splitting into two separate companies, a move that is expected to be complete by the end of the year.

The division of the firm into a drug development company and a medical device manufacturer has raised questions about its corporate credit rating, a matter of great interest to Abbott bondholders.

Endnotes:
  1. ABT: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABT
  2. during the second quarter: http://www.bloomberg.com/news/2012-07-18/abbott-profit-tops-estimates-as-humira-drug-sales-climb.html

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